According to ICMIF Supporting Member Willis Re, COVID-19 has had a profound global effect on every societal and economic level imaginable. Willis Re said that whilst it is impossible to predict exactly how this “black swan” event will unfold over the short term, it will impact our industry in some permanent way(s) as stakeholders consider the lessons of a threat that has a global footprint impacting so many levels of the (re)insurance industry.
Over the past three weeks, Willis Re’s subject matter experts have collaborated, sharing knowledge and experience to identify and quantify the extent of the impact of COVID-19. This has been done at the global industry level and then at the sub-sector level, considering the inter-relationship between the two. A new report from Willis Re, Moving on from the initial assessment phase of COVID-19: A Willis Re Impact Report, is the first in a series that the organisation is making available given the rapid pace of change of the developing issues (epidemiological, economic, legislative, judicial and so on) that drive both the perception and reality of the COVID-19.
Willis Re launched the Moving on from the initial assessment phase of COVID-19: A Willis Re Impact Report last week in the hope that it may help their clients, markets and the wider community to identify and navigate the immediate issues arising from the pandemic. Supplementary analysis by product and territory is provided on their website. Willis Re says it stands ready to assist all clients to manage through this difficult environment, leveraging data and unparalleled expertise to provide insight and guidance, from risk quantification and capital impact to external risk finance and reinsurance solution structuring and execution.